Novell Up After Hours On Takeover News
Mar 2, 2010 Mergers & Acquisition, Stock to watch, Stocks On The Move
Shares of embattled network software maker Novell (NOVL) are rising in after hours trading, on news that hedge fund, Elliot Associates, has made an offer of $5.75 a share or roughly $2 billion, for the company.
The stock is trading slightly above that, up $1.23 to $5.98, as traders place bets that better offers might emerge from other networking-related concerns such as Microsoft (MSFT) and Cisco (CSCO) or maybe even IBM (IBM).
Novell’s stock, which was once a very hot commodity back in the nineties, have severely lagged the broader market in the past ten years, dropping 88.88% from the ten year high of $42.44 that was reached on January 4, 1999.
Tags: acquisition, cisco, elliot associates, ibm, merger, microsoft, novel
